{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-9-134.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-9-134.1","heading":"Custodial account defaults - Board taking possession of","body":"assets - Distribution.\n\nA. Upon the suspension or revocation of any livestock auction\n\nmarket license as a result of a custodial account default, the Board\n\nshall have the authority to take possession of any and all assets\n\nwhich belong to the custodial account for shippers' proceeds,\n\nincluding, but not limited to, custodial account checking or savings\n\naccounts, custodial account certificates of deposit, receivables and\n\nlivestock for which the custodial account has not been reimbursed or\n\nany other assets which belong to the custodial account as determined\n\nby the Board.\n\nB. Assets taken into possession shall be limited to custodial\n\naccount assets as determined by the State Board of Agriculture. All\n\nfunds collected from custodial account assets shall be placed in an\n\naccount of the Department of Agriculture specifically designated as\n\na shippers' proceeds trust fund.\n\nC. The Board shall have the authority to receive, deposit and\n\nadminister all proceeds belonging to the custodial account for\n\nshippers' proceeds of any livestock auction market whose license has\n\nbeen suspended or revoked.\n\nD. Upon taking possession of any such assets specified by this\n\nsection, the Board shall distribute the assets as follows:\n\n1. The Board shall receive an amount equal to the cost incurred\n\nby the Board in handling and maintenance of the trust fund of\n\nshippers' proceeds, including cost of hauling, yardage, watering,\n\nfeeding, commissions and other costs in the marketing or handling of\n\nany livestock taken into possession; and\n\n2. All remaining funds shall be proportioned among all persons\n\nsubmitting valid claims as determined by the Board.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8b08b90a98dcf470cdf57fe6f158921c58fa8b2c0472da786ebe324ee5409377","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-9-134","next":"us-ok/okla.-stat.-tit.-2-2-9-135"},"notice":"GroundRules: Original legal text. Not legal advice."}